You may soon get relief from the jam at toll plazas on expressways and highways. The government is bringing a new toll policy, where you will have to pay toll only for the distance you have covered.
But, the thing to be careful here is that if you do not pay the toll on time, not only will you have to pay a heavy fine, but your CIBIL score will also fall. This may cause problems in getting a loan or credit card in the future. The government, RBI and banks are engaged in final discussions on this new system. It can be implemented soon. So if you often travel on the highway, then make it a habit to keep money in FASTag and keep an eye on the alerts.
The Ministry of Road Transport is working towards bringing the system of toll collection based on distance. In such a situation, toll will be determined on the basis of GPS mapping. In the new system, the toll will have to be paid for the distance travelled by the vehicle on the national highway and expressway. This system will be beneficial for those who travel a short distance (40-50 km) but due to toll in between, they still have to pay a toll of Rs 150-200.
There is an intense discussion going on about the new system being brought in for toll collection. Discussions are going on with NPCI and RBI to link the record of blacklisting of Fastag with the CIBIL score of the person. Sources say that there is almost a consensus on linking it with the CIBIL score. Because all the records of Fastag are available with the Payment Corporation of India Limited and banks. After a written consent is made, it can be easily updated with the CIBIL score of the person.
How will the new system work?
Tracking by GPS: Now the toll will be calculated based on the number of kilometres travelled by your vehicle on the highway/expressway. For example, if you travelled 40 KM, you will have to pay ₹110 as toll at the rate of approximately ₹2.75 per KM. Earlier you had to pay a fixed ₹150-200 even if you travelled only 10 KM.
FASTag is mandatory: After the removal of toll barriers, FASTag will be mandatory to keep track of all vehicles. If you fall short of money, then…
These are the new strict rules
1. Pay quickly: You have to maintain a minimum balance in the FASTag wallet. If the balance runs out and you don’t pay the toll, the FASTag will be blacklisted. You will have to recharge it to make it active again.
2. Penalty + stain on CIBIL: If you do not deposit the money within 2-3 days after being blacklisted, then you will be charged a penalty of 3-5 times the toll amount. Also, this negligence will be recorded in your CIBIL score, which will become an obstacle in getting a loan in future.
3. Email/SMS alert: The bank will send you an alert as soon as the balance gets low. If still not paid, you will be blacklisted.
4. What will happen if you ignore it continuously: If you break the rules repeatedly, your FASTag can be permanently blocked. After this, the vehicle’s insurance or pollution certificate will not be made.
Why does CIBIL score matter?
CIBIL score (300 to 900) indicates your ability to repay your debt. The higher the score, the easier it is to get a loan or credit card. Negligence like not paying toll will lower this score, due to which banks will consider you a ‘risky’ customer.
